Drugmaker Lupin Ltd is in advanced talks to sell its Japanese generics subsidiary, Kyowa Pharmaceutical Industry Co. Ltd, to a local player, a media report said.

Lupin is looking to sell the unit for an enterprise value of $600 million, The Economic Times reported, citing people close to the discussions. The move is part of Lupin’s efforts to slash operations in Japan, the report said, adding that an announcement is likely this month.

The development comes after Lupin in August decided to sell its Japanese injectables business and related assets housed under Kyowa Criticare Co. Ltd to a unit of UAE-based pharmaceuticals major Neopharma.

Japan is Lupin's third-largest market but has been facing fierce price pressures. In the year ended March 2019, Japan contributed 13% to Lupin's global revenue, the company's annual report shows. The combined revenue of Kyowa Pharmaceutical and Kyowa CritiCare fell 4% in 2018-19.

Meanwhile, Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) plans to set up an infrastructure investment trust (InvIT) to house its road assets in India, a media report said.

Citing two people aware of the development, Mint said that CDPQ had also started talks with a few Indian institutional investors to invest in the proposed InvIT. CDPQ could sell at least 10% of the InvIT to domestic investors, it added.

Last month, media reports said that CDPQ had agreed to buy the road portfolio of Global Infrastructure Partners (GIP) for around Rs 2,400 crore.

Separately, South Africa’s Sanlam Group is in talks with billionaire Ajay Piramal-led Piramal Enterprises Ltd to acquire an additional 8% stake in Shriram Capital Ltd at a valuation of up to Rs 18,000 crore, The Economic Times reported, citing three people aware of the discussions.

Sanlam had invested Rs 1,225 crore for a 26% stake in Shriram Capital in 2011 and made a follow-on investment of Rs 415 crore in 2014 to retain its stake.

On the other hand, Piramal Enterprises has been looking to exit Shriram Capital and other group companies. In June, Piramal Enterprises sold its entire stake in Shriram Transport Finance Co. It holds a 20% stake in Shriram Capital and 10% in Shriram City Union Finance.

In another development, Mint said that Adani Enterprises Ltd, Fairfax India Holdings Corp and GMR Infrastructure Ltd were among the four bidders which qualified for the Rs 30,000-crore Jewar airport project at Greater Noida, Uttar Pradesh.

Citing two people aware of the development, the report said the winning bid would be decided on the basis of the highest monthly per-passenger fee that the concessionaire offered to the state government.

The Jewar airport would be completed in four phases and would be designed to handle 70 million passengers a year, the report said.